The relationship between blockchain technologies and financial performance in the digital transformation process

Digital transformation represents a paradigm shift that leads to profound changes in today's business world and the financial sector. Indeed, digital transformation is critical for organizations to sustain and enhance their competitive advantage in the modern business landscape. In this context, blockchain technologies are fundamental to digital transformation strategies. In today's business environment, where financial performance is a critical indicator of an organization's success, the impact of digital transformation strategies and blockchain technologies on this performance is of great importance for researchers and business leaders. Indeed, this study aims to understand the relationship between these two significant concepts and examine the effects of blockchain technology on financial performance. The dataset of the study consists of data representing the period from 2010 to 2021 for 28 companies in the financial services and technology sectors listed in the Forbes 500. These companies are divided into two groups: those utilizing the mentioned technology (14 firms) and those not operating it (14 firms). The dataset created for the research was analyzed using the System GMM Panel Analysis. According to the findings obtained from the analysis, the puppet variable representing the transition to blockchain technology has a positive effect on ROA with a coefficient of 1.04, a negative impact on Tobin's Q with a coefficient of -0.50, and a negative effect on ROE with a coefficient of -6.27. In line with the findings obtained, the discussion has revolved around the results of the three financial performance indicators, namely ratios. Recommendations have been put forth based on these discussions.